Following an internal strategic review, Matt Donovan has confirmed there is a clear pathway to accelerate to $10 M ARR, manage cash reserve more effectively, and bring forward the point at which operating cashflow is achieved. Key takeaways:

1) Increasing focus on partnership channel to drive growth, and presumably reduce sales and marketing costs.

2) Downsizing will reduce cash burn by +$500k per quarter from Q4.

3) More focus on target market of customers with 200-2000 employees.

4) Cintra (UK payroll company) partnership goes live at end of June, with the entire Cintra customer base having the option to access IHR service.

Note: IHR have $8 million in the bank. With the implementation of the above policies, IHR have sufficient cash for 3 more quarters......IMO, they'll need more cash to reach breakeven. I reckon they are about $6 million shy of what they need....

DISC - HELD.

IHR reported the following progress over Q1:

• $776 k in ARR contracts + $225K implementation revenue over quarter, bringing CARR to $4.66 M.
• subscription revenue up 127% YoY. 
• Lead growth up 168% YoY, and 29% on previous quarter. 
• Subscriber accounts incrreased to 237, an increase of 29 over the prior quarter. 
• 100% subscriber retention in Q1. 

DISC - I HOLD

Hyper growth story IntelliHR in a trading halt, pending a capital raise.  

With less than $4M in the bank,  a top up was inevitable.  Really interesting little company though.